The Private Sector Commission (PSC) said it is alarmed to learn that the State Assets Recovery Unit (SARU) is involved in money laundering investigation of a major financial institution, as per a headline in the Kaieteur News of Wednesday January 6, 2016.
“It is our understanding that the mandate of the Unit is to investigate and recover assets belonging to the state. We are also aware that this unit is operating outside of any known laws in Guyana,” the PSC said in a statement today.
The Private Sector body said it is only aware of the role of the Financial Intelligence Unit, the Special Organised Crime Unit and the Bank of Guyana in anti-money laundering investigations. The PSC is calling for a clarification on why SARU is involved in such an investigation and not SOCU or the FIU.
In addition, the PSC said it seems clear that the damage being done to one of the foremost banking institutions in Guyana by such an unsubstantiated release could lead to erosion of foreign and local investors’ confidence. This, it noted, could be damaging to Guyana’s economy.
SARU, which is headed by renowned Economist Dr Clive Thomas, was established by the coalition Administration to hunt for assets that initially belonged to the Government.